HomeLane scoops up $30 million in its Series D funding

The development comes at a time when Jungle Ventures, TPG Growth and IKEA-backed Livspace, which competes with HomeLane, was also reported to be in talks to raise $100 million in fresh financing, at a valuation of over $500 million.

HomeLane, which has 16 experience centres and works with more than 900 design experts, claims to have already delivered 6,000-plus projects since inception.

NEW DELHI: HomeVista Decor and Furnishing, which owns and operates online home interior design platform HomeLane, has raised $30 million (Rs 213.50 crore) in a new funding round, led by Evolvence India Fund, NSE-listed Pidilite Industries Ltd and New York-based investment firm FJ Labs.

The Series D round has also seen participation from HomeLane’s existing set of backers, which includes, Sequoia Capital, Accel Partners and JSW Ventures, and comes about 10 months after it was reported that the company has raised a Rs 33 crore bridge financing round led by its existing investors.

Post the closure of the latest equity financing round, Bengaluru-based HomeLane has, till date, raised $46 million, across rounds. The RainMaker Group has acted as the financial advisor to the company for the latest transaction.

Proceeds from the new financing round will be used by the five-year-old company to add renovation as a new category offering, further build up its design-to-manufacturing platform to include more designers, vendors and installers, and expand its presence across the country.

Additionally, HomeLane will also invest further capital in its virtual 3-D design platform, SpaceCraft. “With this investment, we will accelerate our expansion into newer markets, while further penetrating our current ones. We will also build a world-class offering for the $12 billion home renovation market,” Srikanth Iyer, chief executive of HomeLane, said.

The development comes at a time when Jungle Ventures, TPG Growth and IKEA-backed Livspace, which competes with HomeLane, was also reported to be in talks to raise $100 million in fresh financing, at a valuation of over $500 million.

Founded by Iyer and Rama Harinath in 2014, HomeLane is currently present in seven cities - Chennai, Bengaluru, National Capital Region, Hyderabad, Mumbai, Kolkata and Pune. Prior to starting the interior design solutions company, the founder duo were part of online tutoring company TutorVista, which was founded by Krishnan and Meena Ganesh, and was later sold to global media and education giant Pearson.

HomeLane, which has 16 experience centres and works with more than 900 design experts, claims to have already delivered 6,000-plus projects since inception.

“HomeLane has been a pioneer in the home interior design segment and their growth has been extraordinary. We are very impressed with the team and are backing them to become one of the largest home interiors brands in the region,” Rohit Batra, partner at Evolvence, said.

The India-focused private equity firm, which has a fund-of-funds as well as a co-investment strategy had earlier backed internet kitchen major Rebel Foods from its second fund, the $330 million Evolvence India Fund-II.

“This investment is very timely for the company, considering we are closer to EBITDA profitability, and will be used for growth, brand and technology,” Iyer said.